Description
Mortgage Loan Assumptions
Mortgage Loan Assumptions
4 Clock Hours
C-24018670
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8AM to Noon
Poulsbo, WA 98370
(Park in the lower level parking lot)
Assumptions allow qualified buyers to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. In this course we will learn how real estate brokers can help home sellers and buyers understand the steps to assuming a seller’s existing mortgage. By taking over the seller’s mortgage payments, home buyers may achieve a lower first mortgage interest rate, and home sellers can move forward with confidence.What is the assumption process for FHA, VA, and USDA Loans?
What is the “acceleration clause?”
How does the seller receive a release of liability from the lender?
How long do assumptions take?
How can the home buyer obtain the down payment needed to make up the difference between the existing mortgage balance and the sales price?
Does title transfer from seller to buyer?
Does the seller pay excise tax when their loan is assumed?We’ll answer these questions and more.
